{
  "system_id": "ADAM_PRIVATE_CREDIT_v1",
  "total_aum_trillions": 1.7,
  "simulation_horizon_months": 36,
  "default_correlation": 0.45,
  "lending_vehicles": [
    { "type": "Business Development Companies (BDCs)", "aum_bn": 350, "avg_leverage": 1.2, "implied_default_rate": 3.5 },
    { "type": "Direct Lending Funds", "aum_bn": 800, "avg_leverage": 1.5, "implied_default_rate": 4.2 },
    { "type": "Real Estate Debt Funds", "aum_bn": 250, "avg_leverage": 2.0, "implied_default_rate": 8.5 },
    { "type": "Distressed Debt", "aum_bn": 300, "avg_leverage": 1.1, "implied_default_rate": 12.0 }
  ],
  "liquidity_metrics": {
    "dry_powder_bn": 450,
    "capital_calls_outstanding": 120,
    "secondary_market_discount_pct": 15.0
  },
  "covenant_lite_share_pct": 85.0
}